Fierce Telecom reports…
Much of the hype around broadband funding is focused on the $42.5 billion Broadband Equity, Access and Deployment (BEAD) program, but money continues to flow from the Capital Projects Fund. To date, the U.S. Treasury Department has awarded nearly $5 billion from the Capital Projects Fund across 33 states, program director Joseph Wender revealed at the ACA Summit on Wednesday.
That amount is almost half of the Treasury Department’s $10 billion allotment for the fund. States that have received funding thus far expect to connect 1.4 million households as a result, said Wender.
The Capital Projects Fund was created in March 2021 as part of the American Rescue Plan Act (ARPA), but the Treasury Department only began approving state funding requests last June. Louisiana, New Hampshire, Virginia and West Virginia were the first to receive their allotments.
The Treasury Department expects to dole out most of the remaining $5 billion this year. Projects using the Capital Projects Fund dollars must be completed by the end of 2026.
It sounds like the funders are telling communities to check this out and apply…
“Don’t wait on BEAD,” he added. “Our money is available now…in some cases these are the low-hanging fruit of areas and states that are not served.”